PM Kakar urges China to roll over $2 billion loan

Caretaker Prime Minister Anwaar-ul-Haq Kakar has urged China to roll over its $2 billion loan by another year, reported 24NewsHD TV channel on Friday, quoting its sources.

PM Kakar in a letter sent to his Chinese counterpart Li Qiang requested the ‘Iron Brother’ to defer the loan for 12 more months.

Sources said the Finance Ministry officials are in contact with their Chinese counterpart and there are strong indications that the $2 billion loan will be rolled over for another year very soon.

The term of the China’s $2 billion deposit with State Bank of Pakistan will expire on 23 March, 2024.

However, Beijing has parked $4 billion deposit with Pakistan, said the sources.

Earlier in the month, PM Kakar had also written a letter to UAE President Mohamed bin Zayed Al Nahyan for the rollover of a $2 billion loan.

Reporter Waqas Azeem